(1) The State Government shall, for the purpose of disbursing the amounts payable under sections 8 and 9, by notification, appoint a Commissioner of Payments.
(2) The State Government may appoint such other persons as it may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Act, and different persons may be authorised to exercise different powers.
(3) Any person authorised by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Act and not by way of authorisation.
(4) The salaries and allowances of the Commissioner and other persons appointed under this section shall be defrayed out of the Consolidated Fund of the State.
16. ( I ) Subject to the provisions of sub-section (4) of section 9 and sub-section (4) of this section, the State Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner for payment to the Company,—
(a) the first instalment of the amount specified in section 8, and
(b) the first instalment of the amounts payable to the Company under section 9:
Provided that twelve months shall not intervene between the date of payment of one instalment and the date of payment of the next instalment.
(2) A deposit account shall be opened by the State Government in favour of the Commissioner in the Public Account of the State, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall he operated by the Commissioner.
Appointment of Commissioner of Payments.
Payment by State Government to the Commissioner.
241 The Engel India Machines and Tools Limited (Acquisition and Transfer of Undertakings) Act, 1986.
[West Ben. Act (Chapter 111—Commissioner of Payments.—Sections 17, 18.)
(3) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (2) shall enure to the said account.
(4) Notwithstanding anything contained elsewhere in this Act,—
(a) any amount payable to any bank or financial institution towards repayment of the principal amount of any secured loans advanced by such bank or financial institution to the Company before the date of taking over of management of the undertakings of the Company, shall be paid directly by the State Government to such bank or financial institution in accordance with such agreement, in writing, as the State Government and the bank or the financial institution may enter into with each other, and
(b) the amount payable by the State Government directly to any bank or financial institution under clause (a) shall be deducted from the amounts payable to the Company under sections 8 and 9.
Certain powers of State Government or existing, or new, Government company.
Claims to be made to the Commissioner.